FASB Staff Proposes Improvements to U.S. GAAP Financial Reporting Taxonomy

The FASB staff has proposed technical and other conforming improvements to the 2023 U.S. GAAP Financial Reporting Taxonomy.

The proposed improvements include the following:

• “New elements for reporting.”
• “Deprecations for guidance that has been superseded and to improve consistency and structure from topical projects and other reviews.”
• “Period type changes on duration elements.”
• “Modified standard and documentation labels to clarify elements and improve appropriate usage.”
• “Modified references to assist with element selection.”

Comments on the proposed U.S. GAAP taxonomy improvements are due by November 3, 2022. For more information, see the release notes on the FASB’s Web site